Which Fenton, Michigan Building Did Rite Aid Replace?

Rite Aid, a leading pharmacy chain, has announced the closure of several stores in Michigan since declaring bankruptcy last year. The chain has listed 165 closed Michigan stores in court documents, nearly all of which are currently operating. By the end of September, Rite Aid plans to close all Michigan stores, transferring customer prescriptions to Walgreens. Mid-Michigan locations on the list include G4033 Fenton Road in Burton and 4519 Richfield Road at Genesee Road in.

Rite Aid filed for Chapter 11 bankruptcy last fall and announced in a WARN notice to the state last month that it would close its Waterford Township distribution center. As of Monday, Rite Aid has laid out plans to close 192 Michigan stores. The closings hit cities and small towns, from Michigan to other states.

The Rite Aid at 602 W. Broad St. in Linden is closing, with the remainder of the store set to close on Sunday, August 18. The Rite Aid on Woodward Avenue near Forest will also close on Friday, March 8, 2024. Other slated closures include 3880 Wilder Road in Bay City, G4033 Fenton, 1001 N. Leroy St. at North Road in Fenton, 841 S. State Road in the Davison Village retail center in Davison, and 5050 Gratiot Road at Center.

The closures have been affecting the Rite Aid in Holly, Michigan, where the Rite Aid store at the corner of Bristol Road and Saginaw Street in Burton is now permanently closed. Five pharmacies in Genesee County will be closing, and Yelpers report this location has closed.

Why did Rite Aid rebrand?

Rite Aid is pursuing an expansion of its “Store of the Future” concept, which will entail a modification of the company’s logo to reflect a strategic shift towards wellness. This initiative is designed to target female members of Generation X and the Millennial cohort.

Did Duane Reade and Walgreens merge?

In 2010, Walgreen Company acquired Duane Reade for $1. 075 billion, including $618 million in cash and $427 million of assumed debt. The deal included a corporate office, 257 stores, and two distribution centers. Duane Reade opened a location in Lower Manhattan in 2011. However, the company and its executives have been involved in disputes with federal and local governments and labor unions.

What did Walgreens take over?

Walgreens, a drugstore chain, has completed its acquisition of Duane Reade in New York and opened its first Well Experience format stores in Oak Park and Wheeling, IL. The company was founded by Charles R. Walgreen Sr., who purchased a Chicago drugstore and began expanding with innovative ideas. Walgreens also invented the malted milkshake, allowing customers to stand around the soda fountain to buy the “double-rich chocolate malted milk”.

The company also helped celebrate Chicago’s World Fair by opening four stores on the Century of Progress fairgrounds, experimenting with advanced fixture design, lighting techniques, and colors, modernizing drugstore layout and design.

What was before Rite Aid?

In 1962, Alex Grass founded the Rite Aid chain in Scranton, Pennsylvania, after marrying into Harrisburg’s Lehrman family in the 1950s. The first store was Thrift D Discount Center, which expanded into five states in 1965 and went public as Rite Aid in 1968. The chain moved to the New York Stock Exchange in 1970 and operated 267 locations in 10 states. In 1981, it became the third-largest retail drugstore chain in the country. In 1983, it reached a sales milestone of $1 billion.

Rite Aid expanded its holdings by acquiring several stores along the east coast, including stores in Michigan in 1984, Lansing, Michigan in 1987, and Ohio in 1987. The company also acquired Baltimore’s Read’s Drug Store and Peoples Drug’s 114 unit Lane Drug of Ohio in 1989.

Why is Rite Aid empty?

Rite Aid, a US drugstore chain, filed for bankruptcy last year due to opioid-related lawsuits, slowing sales, and mounting debt. The company received approval from a bankruptcy court judge to restructure its business, allowing creditors to control it. Rite Aid has closed hundreds of stores to improve operations, with personal hygiene aisles nearly cleared out and household cleaning supplies scarce. The food aisles are hit or miss depending on the type of snack being sought.

Who was Rite Aid bought out by?

Walgreens Boots Alliance is set to acquire Rite Aid for $17. 2 billion in an all-cash transaction. Rite Aid, founded in 1962, was initially Thrift D Discount Center. The company changed its name to Rite Aid Corporation in 1968 before its IPO on the American Stock Exchange (AMEX). In 1970, its stock moved to the New York Stock Exchange (NYSE). Rite Aid has faced growth, scandals, and deals with Walgreens and Albertsons. In 2015, it acquired Envision Pharmaceutical Services for $2 billion. Former Rite Aid executives admitted to overstating net income between 1997 and 2000.

Is Rite Aid losing money?

Rite Aid, a US pharmacy chain, has reported a $307 million loss between March and May 2023, and a loss of about $3 billion over the past six years. The company, which employed over 6, 100 pharmacists and operated 2, 100 retail pharmacy locations across 17 states, plans to close 154 stores nationwide. It now operates around 1, 416 stores in 16 states. Rite Aid also sold off some of its businesses, including its Elixir Solutions business, to MedImpact Healthcare Systems for $577 million in February. The company’s bankruptcy court documents indicate a significant reduction in its footprint.

Why is Rite Aid closing in Michigan?

Rite Aid, a company facing high rent costs for underperforming stores, has closed over 200 struggling locations in recent years. The latest closure will impact over 170 stores in Michigan. A notice of additional closures was filed in June, including 27 more stores in Michigan and Ohio, five of which are in Metro Detroit. Rite Aid previously announced 19 other stores closing in the state last year and 12 additional stores.

Did Walgreens take over Rite Aid?

In 2015, Walgreens attempted to buy Rite Aid for $17. 2 billion, but the deal fell through due to the Federal Trade Commission’s refusal to approve it. In June 2017, Walgreens canceled the merger and bought 42 of Rite Aid’s stores for $4. 38 billion. A recent lawsuit accuses Walgreens Boots Alliance of downplaying antitrust regulator scrutiny, with the settlement still requiring approval from a federal judge in Pennsylvania.

What is the Rite Aid scandal?

The US government has filed a complaint alleging that Rite Aid knowingly dispensed at least hundreds of thousands of unlawful prescriptions for controlled substances from May 2014 to June 2019. These prescriptions included the dangerous “trinity” combination of drugs, excessive quantities of opioids, and prescriptions issued by prescribers identified as suspicious. The government claims that Rite Aid filled these prescriptions despite clear “red flags” that indicated the prescriptions were unlawful.

Rite Aid also allegedly ignored substantial evidence of its stores dispensing unlawful prescriptions and intentionally deleted internal notes about suspicious prescribers. The government alleges that Rite Aid violated the CSA and the Federal Food and Drug Administration (FDA) by knowingly dispensing unlawful prescriptions for controlled substances. The complaint names Rite Aid Corporation, Rite Aid Hdqtrs Corp., Rite Aid of Connecticut Inc., Rite Aid of Delaware Inc., Rite Aid of Maryland, Rite Aid of Michigan, Rite Aid of New Hampshire, Rite Aid of New Jersey, Rite Aid of Ohio, Rite Aid of Pennsylvania, and Rite Aid of Virginia as defendants.

The Department of Health and Human Services Office of Inspector General (HHS-OIG) is entering into a Corporate Integrity Agreement with Rite Aid, which includes a prescription drug claims review to have an Independent Review Organization determine whether prescription drugs are properly prescribed, dispensed, and billed.

Is Rite Aid closing in Michigan 2024?

Rite Aid has filed for Chapter 11 bankruptcy, citing a combination of declining sales, mounting debt, and lawsuits accusing it and other pharmacies of illegally filling prescriptions as the primary factors contributing to its financial difficulties. In Michigan, numerous Rite Aid stores have posted “Going out of business” signs and are transferring customers’ prescriptions to Walgreens.